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Default Swaps Draw Joint U.S.-New York Inquiry

The New York Times quotes Professor Joseph A. Grundfest in an article about investigations surrounding credit-default swaps, i.e. securities that act as a kind of securities insurance:

Joseph A. Grundfest, a former commissioner at the Securities and Exchange Commission and now a professor at Stanford Law School, said a partnership between Mr. Cuomo and Mr. Garcia made sense given the complexity of the swaps market. This is “an international market and it might well be easier for the United States attorney to get information from some foreign sources than have a local prosecutor pursue the information,” he said.